Wills and estate planning have recently been in the headlines as contested inheritance claims rise and loved ones are left to pick up the pieces of a poorly drafted Will.
Whether it’s a simple mirror Will or a more complex document, the Private Client team at Sweeney Miller Law has found that the Will-writing process often uncovers a lot more questions from our clients.
Solicitor Sarah McColl answers some common queries:
1. What happens to my assets without a Will?
If you die without a valid Will, you are ‘intestate’, and your assets are distributed by intestacy rules, which benefit only married persons, civil partners, and close relatives. Cohabiting partners do not inherit automatically; they must be included in a Will.
If your estate exceeds £322,000 with surviving children or grandchildren, your spouse or civil partner will inherit your personal belongings, the first £322,000, and half of the remaining estate. Without descendants, your spouse inherits everything.
Jointly owned property passes automatically to the surviving partner if owned as Joint Tenants but not as Tenants in Common. Joint bank accounts transfer to the surviving holder.
2. How often should I review my Will?
Ideally, you should review your Will at least every five years to ensure it still reflects your wishes. We’d also recommend updating your Will after significant life changes such as marriage, civil partnership or divorce, the birth or death of a beneficiary, or major financial changes like buying a property or receiving an inheritance.
Minor changes may just require a codicil (a supplement to the Will), which is usually more cost-effective.
3. Who should I appoint as my Executor?
Executorsthe individuals or professionals responsible for dealing with the estatecan be family members, friends, or professionals. It is important to carefully consider who you choose, it can be difficult and time-consuming for those involved, particularly if they are still grieving.
A way of avoiding emotional distress or difficulties for executors is to consider appointing a professional executor, like a solicitor. We can ensure that your estate is administered impartially and fairly without the emotional involvement of a friend or family member. This option can also avoid the issues that may arise if your executors die before you, leaving you without one, as the firm is the executor rather than one individual.
4. Should I put some of my assets ‘in trust’?
A ‘trust’ can be an effective way to protect your assets and ensure that your beneficiaries are looked after financially following your death, particularly if they are underage, are not financially literate, or have a disability.
Trusts can also help your beneficiaries avoid a significant inheritance tax bill, as the assets in the trust are no longer yours and are in the control of your appointed ‘trustees’.
There are several types of trust, and not all options will be appropriate for all individuals’ circumstances, so understanding the difference and which is suitable for you and your beneficiaries is key.
5. Should I consider a Lasting Power of Attorney (LPA)?
Some people believe they should have either a Will or an LPA, but it might be more appropriate for your circumstances to have both, as they each play different but equally important roles. Your Will ensures that your wishes are adhered to after you die, but an LPA is an important document that outlines your wishes if you lose capacity while you’re alive, for example, if you suffer a severe brain injury or develop dementia.
Speak to Sweeney Miller Law
Sarah McColl, specialist Wills, Trusts and Estates solicitor, commented: “If a Will is incorrectly drafted, contains errors or has missing information, this may cause problems and disputes after your death. Instructing a legal professional specialising in estate planning and Wills is particularly important if you have complicated finances or a more complex family structure.”
Sweeney Miller Law can assist with estate planning beyond preparing your Will. We can assess the potential inheritance tax implications and offer advice on provisions for long-term care, including setting up a trust or LPA.
Find out more, call 0345 900 5401, email enquiries@sweeneymiller.co.uk or visit sweeneymiller.co.uk